May 2015

China Pig Industry Outlook Report 2015

The report is based on consecutive trace survey and on-time analysis and review by Boyar’s professional information analysts in a year on China swine industry. The review in the paper only represent Boyar’s viewpoints, not as research conclusions or an investment basis and hope to use the paper optimally. Further demand for the information, welcome to using Boyar’s professional consulting service. Copyright of the review in the report belongs to Boyar and reprint and forward are not allowed without a written permission!

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China Pig Industry Outlook Report 2015

Content Part I: China Pig Industry 2014-The Coldest Winter ...............................3 1.1 Far Below its Five-year Average ............................................................................. 3 1.2 High Cost from Feed................................................................................................ 4 1.3The First Annual Deficit since 2000 ......................................................................... 6 1.4 Sharply Decreased Inventory of Reproductive Sow ................................................ 7 1.5 The Declining Growth Rate of Pork Consumption ................................................. 8

Part II 2015 China Live Hog Industry-Chilled Spring ..............................9 2.1 Decline of Pig Production in 2015 ........................................................................ 9 2.1.1 New Balance of Reproductive Sow Inventory........................................ 9 2.1.2 Piglet supply will decline 5.84% YOY in 2015. ................................... 10 2.1.3 Pork output is estimated to drop 3.13% YOY in 2015. ........................ 11 2.2 A big shock from pork import ............................................................................ 12 2.3 The pork consumption will continue to fall under the “New-Normal”. ......... 12 2.3.1 The New-Normal exerts a huge influence on meat consumption. ......................... 13 2.3.2 Processed Food and chilled food change consumption habit. ................................ 13

2.4 Market is recovering. ........................................................................................... 13 2.4.1 Live Hog Price may exceed RMB 16/kg. .............................................................. 13 2.4.2 Low Cost of Live Hog Farming in H1 ................................................................... 14 2.4.3 Profitability Recovery of Live Hog Farming ......................................................... 15

Appendix I Live Hog Farm Construction in 2014 .................................................. 17 Appendix II Live Hog Farming Distribution and Capacity .................................. 19

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China Pig Industry Outlook Report 2015

Part I: China Pig Industry 2014-The Coldest Winter

As Boyar launched in 2012 China pig Industry Outlook Report that the year 2013 would be a winter for China pig industry and in Q1 2013, it was really as true as we forecasted, but due to human infected H7N9 flu, the sharply decreased consumption of poultry meat helped China pig industry out of winter. As people made wrong and optimistic opinion on the future market, the pig production capacity continued to rise. In 2013 China pig Industry Outlook Report, Boyar once again pointed out that the year 2014 would be a severe winter for China live hog industry and in fact it was true. The live hog price was far below the five-year average. At the end of Q3 2014, the reproductive sow depletion compelled the pig production capacity to reduce. The frugal consumption and the healthy diet, to some extent, caused the weak consumption of pork. Boyar believes that China pig industry is suffering from oversupply of pork in low-safety and low-quality situation and the year 2014 has become the coldest winter. Figure 1.1 China Live Hog Market Indexes YOY Change in 2014 100%

80%

60%

40%

25% 20%

-10%

-12% -542% -7% -7% 1% -15% -8% -11% -145% -25% -10%1%-10%2%

-3%

-9% -4%

2%

2%

-2%

-3%

18% 4%

-2%

2% 2%

8%

6% 1%

-7%

-100% 1. Market price

2. Benefit index

3. Production costs

5. Import and export

Live duck

Live chicken

Egg wholesale

Beef

Mutton

Livability in nursery

Livability in suckling

Total exports

Export unit price

Total imports

Import unit price

Production of pork

4. Inventory and production

Total piglet supplies

Total production of live hog

Yearly average inventory of live hog

-80%

Yearly average inventory of reproductive sow

Feed cost

Total costs

Piglet cost

Fattening compound feed

Corn

Soybean meal

Gross profit of piglet

-60%

Gross profit of slaughter

Hog-corn ratio

Net earnings of live hog

Pork

-40%

Hog-feed ratio

Sow

Piglet

Carcass

-20%

Live hog

0%

6. 7. Prices for substitutes Livability

Source: Boyar

1.1 Far Below its Five-year Average

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May 2015

China Pig Industry Outlook Report 2015

Based on Boyar’s monitoring, the live hog price was RMB 13.43/kg on average in 2014, down 10.45% YOY; the pork price was RMB 22.48/kg, down 6.77% YOY; the piglet replacement was bearish and its price was RMB 23/kg on average, down 15.19% YOY and dropping a lot in Q4 2014; the price of reproductive sow was RMB 29.41/kg, down 7.35% YOY. The live hog price was below the five-year average for 32 weeks except the illogical rise at the end of April and the traditional thriving season in September and October. Table 1.1 Highs and Lows of Live hog price since 2011 (RMB/KG) Year

Live hog

Pork

High

Low

Gap

High

Low

Gap

2011

19.98

13.78

6.20

30.39

21.93

8.46

2012

17.67

13.89

3.78

28.20

22.55

5.65

2013

17.73

12.31

5.42

26.75

21.27

5.48

2014

15.54

10.72

4.82

25.15

19.25

5.90

Source: Boyar Figure 1.2 China Live Hog Price and Its Five-Year Average in 2013-2014

Source: Boyar

1.2 High Cost from Feed The total cost of live hog production declined to some extent in 2014, due to the sharply decreased price of piglet: the piglet cost dropped 10.15% YOY; the feed cost rose 1.6% YOY and

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China Pig Industry Outlook Report 2015

the price of the compound feed for live hog fattening increased slightly, under the condition of the sharply increased price of corn and the dramatically decreased price of soybean meal. The total cost of live hog production in 2014 decreased 2.71% YOY and revolved around RMB 13.8/kg, over the five-year average. The increased price of feed makes a great contribution to raising the cost of live hog farming and the cost of China live hog production may be very high in the world. Figure 1.3 The Total Cost for the Wean-to-Finish model and its Five-year Average in 2014 and 2014

Source: Boyar Figure 1.4 The Cost of Live Hog Farming for the Wean-to-Finish Model in 2007-2014

1800

RMB/Head

1600 1400 1200 1000 800 600 400 200

Feed cost

Piglet cost

Sep-14

May-14

Jan-14

Sep-13

May-13

Jan-13

Sep-12

Jan-12

May-12

Sep-11

May-11

Jan-11

Sep-10

May-10

Jan-10

Sep-09

May-09

Jan-09

Sep-08

May-08

Jan-08

Sep-07

Jan-07

May-07

0

Other costs

Source: Boyar

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China Pig Industry Outlook Report 2015

1.3The First Annual Deficit since 2000 The live hog price dipped below the production cost before the Spring Festival of 2014 and the deficit of live hog farming lasted 27 weeks; the loss of live hog farming in 2014 was RMB 31.31/head, down 145.19%; the severe deficit was seen in April 2014, reaching RMB 300-500/head n some regions. The year 2014 was the first year of negative profit for the live hog farming in the past 15 years. The profit rate of live hog sales in 2014 was -3.3%, down 7.5% YOY and down 12.5% than the five-year average. The gross margin of piglet sales was -83.15/head in 2014, down 542.2% YOY and the piglet sales have been in deficit for 59 weeks consecutively. Figure 1-5 China Live Hog Farming Profitability Trend in 2007 -2014 600

RMB/Head

18 weeks in deficit

500

400

14 weeks in deficit

13 weeks in deficit 11 weeks in deficit

300

17 weeks in deficit 27 weeks in deficit

200 100

-100

Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct

0

2007

2008

2009

2010

2011

2012

2013

2014

-200 -300

Live Hog Farming Profitability

Piglet Gross Margin

Source: Boyar Figure 1.6 China Live Hog Farming Annual Profitability Trend in 2000 -2014

Source: Boyar

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China Pig Industry Outlook Report 2015

1.4 Sharply Decreased Inventory of Reproductive Sow Due to the cash shortage and the pessimistic opinion on the live hog price, the replacement of reproductive sow and piglet was depressed in 2014 and the liquidation of low-productivity sow continued. In addition, the subsidy for the reproductive sow is not cash for 3 years to push further the inventory reduction. The inventory of reproductive sow kept dropping for 22 months consecutively but it was reasonable. Based on Boyar’ monitoring, the reproductive sow inventory was 42 million heads at the end of 2014, down 12.86% YOY; the live hog inventory was 0.425 billion heads at the end of 2014, down 7.61% YOY. Figure 1.7 The Inventory of Live Hog and Reproductive Sow in 2009 -2014 500

Million he ad

55

Million he ad

Inventory of live hog

50

460

45 440 40

420

Inventory of live hog

Sep-14

May-14

Jan-14

Sep-13

May-13

Jan-13

Sep-12

May-12

Jan-12

Sep-11

May-11

Jan-11

Sep-10

May-10

Jan-10

Sep-09

May-09

35

Jan-09

400

Inventory of reproductive sow

480

Inventory of reproductive sow

Source: MOA and Boyar Figure 1.8 YOY Change of Inventory of Live Hog and Reproductive Sow in 2011 -2014 10.0%

5.0%

-5.0%

Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

0.0%

-10.0%

-15.0% Year-on-year inventory of reproductive sow

Year-on-year inventory of live hog

Source: MOA and Boyar

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China Pig Industry Outlook Report 2015

1.5 The Declining Growth Rate of Pork Consumption The growth rate of pork consumption declined in 2014. There are three reasons to illustrate this phenomenon: I. The “Eight-point” code and the frugal consumption campaign drive the pork consumption to be reasonable. II. Poultry meat consumption recovered. III. As China has become the aging country, the meat consumption concept is changing. As the health awareness is gathering strengthen and the individual consumption mode is forming, the consumption will play a more and more important role in pork production and the pork consumption will reduce among all meat consumption. Table 1.2 Balance Sheet of Pork Consumption in 20 14 Gap between Domestic

Import YOY

Year production

Annual

Daily

average

average

Apparent Import/domestic

Export

Export/domestic

imports

Volume

Population

consumption and

consumption

consumption

exports Million t

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

39.66 40.52 41.23 42.39 43.41 45.55 46.51 42.88 46.21 48.89 50.70 50.53 53.35 54.93 56.00

%

Million t

%

Million t

%

Million t

Million t

kg/Year

g/Day

Billion

2.16 1.76 2.80 2.42 4.94 2.09 -7.80 7.76 5.81 3.70 -0.34 5.58 2.96 1.95

0.236 0.204 0.220 0.312 0.291 0.200 0.220 0.473 0.914 0.528 0.902 1.350 1.358 1.400 1.375

0.60 0.50 0.53 0.74 0.67 0.44 0.47 1.10 1.98 1.08 1.78 2.67 2.55 2.55 2.46

0.130 0.232 0.351 0.468 0.654 0.587 0.633 0.360 0.224 0.392 0.451 0.380 0.367 0.380 0.400

0.33 0.57 0.85 1.10 1.51 1.29 1.36 0.84 0.48 0.80 0.89 0.75 0.69 0.69 0.71

-0.106 0.028 0.131 0.156 0.363 0.387 0.413 -0.113 -0.690 -0.136 -0.451 -0.970 -0.991 -1.020 -0.975

39.77 40.49 41.10 42.23 43.05 45.17 46.09 42.99 46.90 49.03 51.15 51.50 54.34 55.95 56.98

31.39 31.73 31.98 32.69 33.11 34.53 35.08 32.54 35.31 36.72 38.14 38.23 40.13 41.17 41.65

85.99 86.93 87.63 89.55 90.72 94.60 96.10 89.16 96.75 100.61 104.50 104.75 109.96 112.79 114.11

1.267 1.276 1.285 1.292 1.300 1.308 1.314 1.321 1.328 1.335 1.341 1.347 1.354 1.359 1.368

Source: Bureau of Statistics, China Customs and Boyar

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China Pig Industry Outlook Report 2015

Part II 2015 China Live Hog Industry-Chilled Spring

2.1 Decline of Pig Production in 2015 There are four key points China pig industry must face in 2015: I, The cash shortage for farming; II, The decreasing consumption of pork would be continued; III, Farming productivity and operating efficiency needs to be improved IV, The environmental protection law and the food safety law will be strictly implemented. Based on four points above, plus the declining of sow inventory since last Q4, Boyar believes that the pig production in 2015 will decline, not in diseases reason. The two words “cash & efficiency” are associated with success of live hog farming in 2015. Table 2.1 Balance Sheet of Live Hog Production by Quarter in 2015 Year

2015

Quarter

Ⅰ

Ⅱ

Ⅲ

Ⅳ

Sum

Growth rate（%）

Average inventory of live hog（Million head） Average inventory of sow（Million head） Production（Million head） Production rate（%） Piglet number for a sow（head） Piglet supply（Million head） Mortality（%） Pork output（Million t） Carcass weight（kg） Pork production from a sow（kg）

412.00 40.30 175.18

423.50 40.80 165.03

425.00 41.80 173.14

428.00 42.00 185.96

187.49

198.35

196.43

196.12

13.46 76.9

12.87 78.0

13.34 77.0

14.57 78.3

422.13 41.23 699.32 164.47 16.76 778.38 13.75 54.25 77.6 1296

-2.92 -6.79 -3.77 2.97 8.49 -5.84 -3.76 -3.13 0.69 8.54

2.1.1 New Balance of Reproductive Sow Inventory

The reproductive sow inventory has been dropping for 19 months since September 2013 MOM and YOY respectively. At the end of March 2015, the inventory of reproductive sow has reached 40.30 million heads, down 12.9% YOY. The obvious reasons are that the long-term deficit of live hog farming and the cash shortage force farmers to abandon sow farming and the government suspended the subsidy for the reproductive sow. Furthermore, large-sized enterprises specialize

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May 2015

China Pig Industry Outlook Report 2015

in sow farming and providing weaned piglet to farmers who focus on fattening live hogs, which largely enhance the productivity and the economic performance. Boyar forecasts that the inventory of reproductive sow in 2015 will set a new low. The inventory of live hog at the end of 2015 will be estimated to amount to 428 million heads, down 1.65%; the inventory of reproductive sow will reach 42 million heads, almost the same from last year. The new balance between the reproductive sow and the live hog supply has emerged. Figure 2.1The Inventory of Reproductive Sow and Its Five -year Average in 2014-2015

R e productive s ow i nventory

51

Million head

49 47 45 43 41 39 37 35 Jan

Feb

Mar

Apr

May

Five-year Average

Jun

Jul 2014

Aug

Sep

Oct

Nov

Dec

2015

Source: Boyar

2.1.2 Piglet supply will decline 5.84% YOY in 2015.

Due to the low price of live hog in April 2014, the elimination of reproductive sow accelerated, which caused the piglet supply in February 2015 insufficient. Based on the decreased inventory of reproductive sow and the improving productivity offsetting reproductive sow reduction, Boyar forecasts that the piglet supply in 2015 will reach 778 million heads, down 5.84% YOY.

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China Pig Industry Outlook Report 2015

Figure 2.2 Piglet Supply in theory and Its Five -year Average in 2014-2015 80

Piglet supply in theory

75

Million head

70 65 60 55 50

45 40 35 30 Jan

Feb

Mar

Apr

May

Jun

Jul

Five-year Average

Aug

Sep

2014

Oct

Nov

Dec

2015

Source: Boyar

2.1.3 Pork output is estimated to drop 3.13% YOY in 2015.

Based on Boyar’s database, the supply of piglet ready for market in the whole year 2015 is estimated to be 811million heads, down 5.5% YOY; the mortality rate is expected to reduce 2.6%; the carcass weight is estimated to rise 0.7%; the live hog output is expected to reach 700 million heads, down 3.77% YOY; the pork output is estimated to reach 54.25 million tons, down 3.13% YOY. The elimination of overcapacity of live hog marks the prelude of restructuring and forward to establish the balance of supply and demand of pork, based on food safety. Figure 2.3 Pork Production and Its Five -year Average in 2014-2015 6.0

Million ton

Pork production

5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 Jan

Feb

Mar

Apr

May

Five-year Average

Jun

Jul 2014

Aug

Sep

Oct

Nov

Dec

2015

Source: Boyar

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China Pig Industry Outlook Report 2015

2.2 A big shock from pork import The US and EU pork production is expected to rise in 2015 and the price gap between China and them will enlarge. More pork will be imported from US Smithfield and EU is also active in exporting pork to China in 2015. Based on statistics from USDA, the import volume of pork will rise 25% in China in 2015 and if the import of offal also increases 25%, the total import of pork and offal will amount to 1.72 million ton. It is commonly seen that the trade deficit of pork import and export will be over 1 million ton. The imported pork will firmly share the benefit from de-capacity of China pig industry. More severe regulations on pork import, banning smuggling and illegal import should be a high priority.

2.3 The pork consumption will continue to fall under the “New-Normal”. Based on Boyar’s estimation, China apparent pork consumption will reach 55.23 million tons in 2015, down 3.06% YOY; the annual per capita consumption will be 40.17/kg in 2015, down 3.84% YOY. The rebalance of pork consumption may start. Table 2.2 Balance Sheet of Pork Apparent Consumption in 2015 Unit

2015

Rate

Domestic output

Million t

54.25

-3.13%

Import

Million t

1.43

2.62%

Export

Million t

0.45

0.83%

Million t

-0.98

0.51%

Million t

55.23

-3.06%

kg/year

40.17

-3.84%

g/day

110.05

-3.55%

Billion

1.375

0.51%

Gap between import and export Apparent Consumption Annual average consumption Daily average consumption

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China Pig Industry Outlook Report 2015

2.3.1 The New-Normal exerts a huge influence on meat consumption.

(I) Due to the economic growth lowered down, the consumption from primary consumers is becoming weaker, such as the decreasing number of labor-intensive enterprises and the less thriving real estate industry. (II) Anti-corruption and anti-food waste makes consumers more reasonable in meat consumption. The frugal consumption exerts a large influence on meat consumption and production, which is beyond Boyar’s estimation. （III）The middle and high income groups tend to eat the organically-grown food and they do worry about pork consumption due to its high fat and high cholesterol.

2.3.2 Processed Food and chilled food change consumption habit.

Based on Boyar’s estimation, the fresh pork consumption accounts for 85% of pork consumption in China and 80% of pork consumption belong to the hot meat consumption. The pork processing consumption only accounts for 15%. While in USA the pork processing products stand 78% of pork consumption and the fresh and chilled pork stands 22%. Based on Rabobank’s data, the cold chain covers 100% of fresh meat logistics but it was only 15% in China in 2012. To meet the individual’s demand, developing processed meat products and functional meat products is a strategic choice.

2.4 Market is recovering. 2.4.1 Live Hog Price may exceed RMB 16/kg.

Based on the supply and demand of live hog in 2015, it is sure that the live hog price will keep its upward trend. The live hog price will rise from RMB 11.5/kg to RMB 14.5/kg in Q2; it will exceed RMB 16/kg probably in H2 and it will mainly revolve around RMB 15-15.5/kg. The piglet

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May 2015

China Pig Industry Outlook Report 2015

price will probably exceed RMB 31/kg, up 60% against its lowest price in the beginning of 2015. The sow price will probably rise to RMB 1700.head. Figure 2.4 Live Hog Products Prices Trend and Forecast in 2011 -2015 RMB/Kg 40

34 28 22 16

Live hog

Piglet

Pork

Carcass

Oct-15

Jul-15

Apr-15

Jan-15

Oct-14

Jul-14

Apr-14

Jan-14

Oct-13

Jul-13

Apr-13

Jan-13

Oct-12

Jul-12

Apr-12

Jan-12

Oct-11

Jul-11

Apr-11

Jan-11

10

Sow

Source: Boyar

2.4.2 Low Cost of Live Hog Farming in H1

The total cost of live hog production in H1 2015 will drop 6%, reaching RMB 13.2-13.5/kg due to the decreased cost of piglet; in H2 the total cost of live hog production will be RMB 13.5-14/kg and may exceed RMB 15/kg or RMB 16/kg due to the high cost of finance.

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China Pig Industry Outlook Report 2015

Figure 2.5 Live Hog Production Cost and Forecast in 2007-2015 1800

RMB/Head

1600 1400 1200 1000 800 600 400 200

Feed cost

Piglet cost

Oct-15

May-15

Dec-14

Jul-14

Feb-14

Sep-13

Apr-13

Nov-12

Jun-12

Jan-12

Aug-11

Mar-11

Oct-10

May-10

Dec-09

Jul-09

Feb-09

Sep-08

Apr-08

Nov-07

Jun-07

Jan-07

0

Other costs

Source: Boyar 2.4.3 Profitability Recovery of Live Hog Farming

Based on the estimation on the replacement cost and prices of live hog products, the live hog farming profit will be positive in Q2 on average, gaining RMB 150/head for live hog farming and gaining RMB 50/head for piglet sales. The annual profit of live hog farming will be approximately RMB 100/head. Figure 2.6 Live Hog Farming Profitability and Piglet Gross Margin and Forecast in 2007-2015

Source: Boyar

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China Pig Industry Outlook Report 2015

Figure 2.7 Live Hog Farming Gross Margin and Its Five -year Average in 2014-2015 15.0% 10.0% 5.0% 0.0% -5.0%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-10.0%

-15.0% -20.0%

-25.0% -30.0% Five-year Average

2014

2015

Source: Boyar

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China Pig Industry Outlook Report 2015

Appendix I Live Hog Farm Construction in 2014 Scale Date

Site

（thousand

Mode

Investment （RMB/Billion）

Investor

State

head） 2014/1/9

Midu,Yunnan

100

2014/1/15

Heilongjiang

6000

2014/1/16

Henan

800

2014/1/24

Mianyang,Sichuan

500

2014/2/21

Yibin,Sichuan

300

2014/3/1

Jinsha,Guizhou

500

2014/3/10

Longchang,Sichuan

120

2014/3/13

Nanchong,Chongqing

200

2014/3/14

Jingzhou,Hunan

400

2014/3/31

Haikou

2400

2014/4/1

Weinan,Shaanxi

3000

2014/4/9

Yuping,Guizhou

320

2014/5/12

Jiazi town,Hainan

100

2014/6/16

Fugou county,Henan

350

2014/7/8

Yongzhou,Hunan

5000

2014/7/21

Songyuan,Jilin

1000

2014/7/28

Yizhang,Hunan

2014/7/30

Huaxian,Henan

2014/8/21

Yibin,Sichuan

Live hog farming Top-level live hog farming Live hog industrialization Live hog farming chain Live hog farming chain Live hog farming Live hog farming base Live hog farming Live hog farming base Live hog slaughtering Live hog industrialization

hog farm Live hog farmng Scaled live hog farming Live hog industrialization

agriculture park Live hog farming Breeding pig farming

Constructing

BEIDAHUANG

Agreement

MUYUAN

Plan

2.3

CP Group

Contract

0.8

HUAXIHOPE

Constructing

2.5

CP Group

Constructing

0.16

RIQUANNONGMU

Three-year construction Two-year

0.25

QIJIN FOOD

0.35

WENS

Constructing

0.419

LUONIUSHAN

Finished

1.73

ANKANGYANGCHEN

construction

Finished

WENS

Agreement

0.035

LUONIUSHAN

Constructing

0.4

MUYUAN

4

WENS

Constructing

2.5

SICHUANTEQU

Constructing

0.05

NEWWELLFUL

farming project Modern live

CP Group

0.32

Integrated

Modern

400

1

0.39

MUYUAN

0.05

JIANGANDEKANG

Five-year constructing

One-year constructing Five-year constructing Constructing

17

May 2015

China Pig Industry Outlook Report 2015

2014/8/26

Jinzhong,Shanxi

100

2014/9/5

Weinan,Shaanxi

300

2014/9/16

Zhangjiakou,Hebei

1000

2014/9/17

Haikou

100

2014/11/6

Yulin,Shaanxi

1000

2014/11/14

Zhaonan,Jilin

4000

2014/11/17

Jingzhou,Hunan

400

2014/11/25

Jianli,Hubei

700

2014/11/26

Guangshui,Hubei

500

2014/12/4

Changjiang,Shanghai

50

2014

30000

Live hog farming Live hog farming Live hog farming Live hog farm Live hog farming Farming and processing

0.2

SHANXIDAXIANG

Finished

0.6

HUASHENGNONGYE

Finished

3

Live hog farming

constructing Two-year

LUONIUSHAN

4.8

CP Group

Agreement

1.37

TRUEIN

Constructing

WENS

Agreement

0.95

WENS

Constructing

1.2

COFCO

Agreement

Bright Group

Constructing

farming

farming

Two-year

0.35

Live hog

Live hog

COFCO

Modern live hog farm 40

constructing

RMB 1333/head

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May 2015

China Pig Industry Outlook Report 2015

Appendix II Live Hog Farming Distribution and Capacity Live Company

Distribution

hog

production

in

2014 （ million heads）

Live

hog

production Forecast for 2015（million heads）

WENS

South China, Northeast China and North China

12.183

17.00

TRUEIN

XINXIANG,XUCHANG,SANMENXIA,JILIN,XIZANG

1.473

3.60

1.859

2.40

HUAXIAN,

MUYUAN

DENGZHOU,WOLONG,TANGHE,FUGOU

HENAN; ZHONGXIANG HUBEI, CAOXIAN SHANDONG

ZHENGBANG

HUBEI,JIANGXI, Northeast China, North China

1.70

2.00

NEWHOPELIUHE

SHANDONG, HEBEI

1.50

2.00

1.20

2.00

1.05

5.00

1.50

1.80

0.50

0.70

HUBEI,ANHUI,HEBEI,SHANDONG,JIANGSU,JIANGXI,

CP Group

SHAANXI,SICHUAN,LIAONING AND GANSU HUBEI,TIANJIN,JIANGSU,GUANGYUANSICHUAN,

COFCO

SONGYUANJINLIN, CHIFENGINNER MONGOLIA

GUANGXIYANGXIAGN TIANBANG

GUANGXI,FENGHUANGHUNAN,FENSHUISHANXI, JINSHAGUIZHOU,YAJISHANGUANGXI,SHANDONG JIANGXI, SHANGHAI,FUJIAN,GUANGXI,HAINAN

Report Writer：Animal Farming Research Panel of Beijing Boyar Communication Co.,LTD. Website： www.boyar.cn Address： Room 729 JINYUANJIAN Building, XINXI Road 1#, HAIDIAN District, Beijing. Post code：100085

Welcome to subscribe Boyar information product series Boyar Daily Report, Weekly Report, Monthly Report, Year Report and Trade Report, etc about Live hog, Poultry, Feed, Vitamin and Amino acid, etc. Subscribing website：http://www.boyar.cn/user Email：[email protected] Hotline：010-82894056；010-82894057；010-82893429；010-82893871

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